Tri-Cities area home sellers haven’t signed onto the reducing prices trend that is beginning to get a lot of media attention, according to the Northeast Tennessee Association of Realtors (NETAR) weekly Market Pulse.
That doesn’t mean there are no local examples of price reductions. That happens despite the market conditions. Local sellers have increased their listing price every month this year. And most of them are getting what they ask – some a little more. The exception is cash sales.
So, if sellers increasingly cutting their asking prices is a national trend, why isn’t it showing up here?
There’s a good chance it will show up later this year, but so far, the hyper-local market is not tracking with the national trend. It’s not tracking because most of the data for the national trend comes from large metro areas that sometimes doesn’t reflect current local conditions. That’s why it’s important to rely on local market information rather than what is seen or heard on mass media reports.
So far this year, the influx of new residents, organic pent-up local demand, and increased investor activity have kept the local home prices in a growth mode. And although the sales growth rate is trending lower, the bottom line is still solidly in the growth column.
Realtors and local lenders report the market is beginning to feel a little different. Some of the frenzy is coming off the pace. That “feel” just hasn’t shown up in the data yet.
Categories: REAL ESTATE